Tailor-made for fraud If short sales are about to have their moment

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Real Estate Agent with JustListedKnoxville.com / Signature Homes

Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.

http://www.msnbc.msn.com/id/35756755/ns/business-the_new_york_times/

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Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I cannot imagine that happening. I will check out the link. Thanks for the post.

Mar 07, 2010 10:41 PM #1
Anonymous
Nancy

Here is a link with the actual program:

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

Mar 08, 2010 03:46 AM #2
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Rainmaker
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Steve Albin

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